tax returns and year end...

[chuddy]

I have registered my limited company and it is not trading until I have finalised my contract (probably in late Jan).

I am currently still a permanent employee and do not have to do a personal tax return.

- If I finalise my contract in late Jan and start trading on 1st of Feb then will I need to submit a personal tax return for this April?

- Is there any advantage in declaring financial year beginning/end at particular dates?

Thanks!

[XLMonkey]

no,
no

hth

[tim123]

Um,

yes

possibly.

tim

[Flubster]

If I remember correctly, all directors of Limited companies must submit a self-assessment. Like the OP, I set-up my Limited company last January and had to complete a form which I submitted last November, resulting in a cheque back from Hector for £800.

On the advice of SJD, even though I was trading from March, I didn't draw salary or divis until after the end of the tax year as I was already in the higher tax bracket. Paying expenses was okay though....

HTH

[Nixon Williams]

I have registered my limited company and it is not trading until I have finalised my contract (probably in late Jan).

I am currently still a permanent employee and do not have to do a personal tax return.

- If I finalise my contract in late Jan and start trading on 1st of Feb then will I need to submit a personal tax return for this April?

- Is there any advantage in declaring financial year beginning/end at particular dates?

Thanks!

If you start trading this year year (ie prior to 05/04/07) then you should be issued with a tax return for 2006/07 that will be due by 31/01/08

The year end date will usually be set at the end of the month the company was formed, no major reasons to change this from a personal tax position.

Regards

Alan